Staff View: Digital Currency Perception: Preliminary Evidence From Malaysia

Digital Currency Perception: Preliminary Evidence From Malaysia

Digital currency is an unregulated digital money issued by private developers to general public. The rapid growth and volatility of digital currencies led to an increase of global scrutiny and interest of many stakeholders, issues related to its accountability and security have also been raised. Hen...

Full description

Saved in:

Bibliographic Details
Main Authors:	Yap, Angeline Kiew Heong, Wong, Siew Chin, Teoh, Melissa Teng Tenk, Saleh, Zakiah
Format:	Article
Language:	English
Published:	European Publisher 2019
Subjects:	HG Finance HG3810-4000 Foreign exchange. International finance. International monetary system
Online Access:	http://eprints.usm.my/47898/1/Digital%20Currency%20Perception%20Preliminary%20Evidence%20From%20Malaysia.pdf http://eprints.usm.my/47898/ https://www.europeanproceedings.com/proceedings/EpSBS/volumes/ich2019
Tags:	Add Tag No Tags, Be the first to tag this record!

id	my.usm.eprints.47898
record_format	eprints
spelling	my.usm.eprints.47898 http://eprints.usm.my/47898/ Digital Currency Perception: Preliminary Evidence From Malaysia Yap, Angeline Kiew Heong Wong, Siew Chin Teoh, Melissa Teng Tenk Saleh, Zakiah HG Finance HG3810-4000 Foreign exchange. International finance. International monetary system Digital currency is an unregulated digital money issued by private developers to general public. The rapid growth and volatility of digital currencies led to an increase of global scrutiny and interest of many stakeholders, issues related to its accountability and security have also been raised. Hence, this paper aims to seek preliminary views on the use of digital currencies, and to examine effectiveness of control measures taken by Bank Negara Malaysia. A questionnaire survey was conducted with 173 responses received from digital currency enthusiasts working in various industries. About 24.3% of the respondents are potential owner; while 10.4% of the respondents are the owners of digital currencies currently. The growth of digital currency investment among Malaysians is also very encouraging. About 29.5% of the respondents are willing to explore digital currency technology and start working on its concrete usage (4%). Furthermore, this paper found that security (54.4%), usability (31.8%) and support and documentation (24.9%) as the main concerns challenging the respondents. In terms of ranking the effectiveness of the control measures taken by Bank Negara Malaysia (2018), “freeze the beneficial owner’s funds or block the transaction” (mean = 3.92) ranked as the most effective measure, followed by “inform the relevant supervisory authorities” (3.88), “ensure the database information is updated/relevant” (3.87) and “submit a suspicious transaction report” (3.79). Findings of this paper contribute to the literature and provides important insights to Bank Negara Malaysia in relation to the enforcement of the relevant requirements and standards for the digital currencies. European Publisher 2019-10-30 Article PeerReviewed application/pdf en http://eprints.usm.my/47898/1/Digital%20Currency%20Perception%20Preliminary%20Evidence%20From%20Malaysia.pdf Yap, Angeline Kiew Heong and Wong, Siew Chin and Teoh, Melissa Teng Tenk and Saleh, Zakiah (2019) Digital Currency Perception: Preliminary Evidence From Malaysia. European Proceedings of Social and Behavioural Sciences, 89. pp. 292-302. ISSN 2357-1330 https://www.europeanproceedings.com/proceedings/EpSBS/volumes/ich2019
institution	Universiti Sains Malaysia
building	Hamzah Sendut Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universiti Sains Malaysia
content_source	USM Institutional Repository
url_provider	http://eprints.usm.my/
language	English
topic	HG Finance HG3810-4000 Foreign exchange. International finance. International monetary system
spellingShingle	HG Finance HG3810-4000 Foreign exchange. International finance. International monetary system Yap, Angeline Kiew Heong Wong, Siew Chin Teoh, Melissa Teng Tenk Saleh, Zakiah Digital Currency Perception: Preliminary Evidence From Malaysia
description	Digital currency is an unregulated digital money issued by private developers to general public. The rapid growth and volatility of digital currencies led to an increase of global scrutiny and interest of many stakeholders, issues related to its accountability and security have also been raised. Hence, this paper aims to seek preliminary views on the use of digital currencies, and to examine effectiveness of control measures taken by Bank Negara Malaysia. A questionnaire survey was conducted with 173 responses received from digital currency enthusiasts working in various industries. About 24.3% of the respondents are potential owner; while 10.4% of the respondents are the owners of digital currencies currently. The growth of digital currency investment among Malaysians is also very encouraging. About 29.5% of the respondents are willing to explore digital currency technology and start working on its concrete usage (4%). Furthermore, this paper found that security (54.4%), usability (31.8%) and support and documentation (24.9%) as the main concerns challenging the respondents. In terms of ranking the effectiveness of the control measures taken by Bank Negara Malaysia (2018), “freeze the beneficial owner’s funds or block the transaction” (mean = 3.92) ranked as the most effective measure, followed by “inform the relevant supervisory authorities” (3.88), “ensure the database information is updated/relevant” (3.87) and “submit a suspicious transaction report” (3.79). Findings of this paper contribute to the literature and provides important insights to Bank Negara Malaysia in relation to the enforcement of the relevant requirements and standards for the digital currencies.
format	Article
author	Yap, Angeline Kiew Heong Wong, Siew Chin Teoh, Melissa Teng Tenk Saleh, Zakiah
author_facet	Yap, Angeline Kiew Heong Wong, Siew Chin Teoh, Melissa Teng Tenk Saleh, Zakiah
author_sort	Yap, Angeline Kiew Heong
title	Digital Currency Perception: Preliminary Evidence From Malaysia
title_short	Digital Currency Perception: Preliminary Evidence From Malaysia
title_full	Digital Currency Perception: Preliminary Evidence From Malaysia
title_fullStr	Digital Currency Perception: Preliminary Evidence From Malaysia
title_full_unstemmed	Digital Currency Perception: Preliminary Evidence From Malaysia
title_sort	digital currency perception: preliminary evidence from malaysia
publisher	European Publisher
publishDate	2019
url	http://eprints.usm.my/47898/1/Digital%20Currency%20Perception%20Preliminary%20Evidence%20From%20Malaysia.pdf http://eprints.usm.my/47898/ https://www.europeanproceedings.com/proceedings/EpSBS/volumes/ich2019
_version_	1683231623195131904
score	13.211869

Digital Currency Perception: Preliminary Evidence From Malaysia

Similar Items